The Easter holidays come at the best time of the year (mid-autumn in Australia) before the cold of winter sets in. It is a welcome family-oriented interlude from work, and is an opportunity to ponder the more important things in life.
A corrective phase carried the XJO Australian index lower, below the important 5000 level, but seems in the last week and a half of trading to be flattening out at 4950 support.
The momentum at present still seems to be with the bears, and the expectation would be for further share-price falls before the market rebounds.
The share-price of many stocks, particularly the major mining companies, have already fallen to levels to tempt buyers to re-enter the market.
Buying opportunities are likely to prevail in the next few weeks for those with enough cash left in the kitty after the Easter bunny has called.
For further comment on the market of the past week I would recommend this link for excellent “blond updates’.
Categories: Chart Analyses